On behalf of private investors, acting jointly with Jerrold Property Consultancy. We have sold 423 Otley Road, Leeds LS16 6AJ, a prime convenience store investment to Pardis Properties, represented by Robert Pinkus & Co.
The property itself occupies an excellent location in North Leeds on the A660, which is one of the principle arterial routes into Leeds city centre.
The property had traded as a convenience store for many years but has just been refurbished and extended and the lease was extended and regeared with the occupier, Co-operative Group Food Ltd. The regear demonstrated the Co-op’s commitment to the location.
The property was let to Co-operative Group Food Ltd on a new 15 year FRI lease at an initial rent of £65,000 pa, subject to 5 yearly upward only reviews geared to CPI. The rent equated to £16.25 psf
A price of £1,362,308 was paid, which equated to a net initial yield of 4.5%.
David Brackenridge commented: “The price we achieved demonstrates the strength of the convenience store market. Private investors are attracted by the excellent covenants, long leases and guaranteed growth”.